The price of Basic Attention Token (BAT) went up 26% over the weekend when it was listed on Coinbase Pro. A few weeks earlier 0x Protocol (ZRX) increased its value with 30%. Clearly, when a coin gets listed on a major exchange like Coinbase its value will increase. Coinbase will be adding a lot more tokens and currencies in the coming months, which one will be next?
With ZRX and BAT listed, there are still three tokens that were being considered by Coinbase. Cardano (ADA), stellar (XLM) and zcash (ZEC) are the ones on the waiting list. Obviously there are hundreds of other potentials, but let’s assume that Coinbase will add at least these three to their portfolio.
There’s something we can say about market sentiment, looking at the charts.
ADA had its 5-day moving average cross the 15-day one a couple of days ago. And the 5-day MA is approaching the 100-day MA, which would signal a bullish move. In general ADA has been a decline since there was a four day bull run in September, so latest move of the 5-day MA is one to look out for. Perhaps it has something to do with the potential of ADA being listed.
However, after the September bull run, support has been falling. Hitting a lower point after every upwards move. The upward move from the past five days is the first positive sign in the charts in almost 90 days.
The 100-day MA is currently a support for XLM. Also this coin has seen a small bull run in September, followed by something we can only consider to be horizontal movement. In the past five days, price went up and the 5-day MA move above the 15-day MA again. This also happened mid-October after which XLM moved back to the 100-day MA for support.
To me it’s clear that most investors believe that XLM will be the next addition to Coinbase. The upwards move in the past few days has been very evident. The coin is moving towards its 30-day peak, it had a breakout from its wedge, and the support line is moving upwards.
Also zcash has seen a small, but hesitant, bull run in September. After that things became quiet and the coin slowly dropped in value again. Both the 5-day MA and 15-day MA are still moving below the 100-day MA, but they are slowly approaching. Currently ZEC is moving up, as the 5-day MA crossed the 15=day MA.
It seems like investors are the least enthusiastic about ZEC reaching the Coinbase platform. Growth after the BAT listing as been very minimal. It looks like ZEC is waiting to breakout out of its wedge.
Obviously we can’t know which coin will be added to Coinbase. However, based on the current charts and market sentiment, most investors put their money on XLM.